Gordon Brothers Europe has been appointed by Ernst & Young to liquidate the stock of Focus DIY.
Focus DIY (In Administration) – Update Statement
25 May 2011
The Joint Administrators of Focus DIY Group, Simon Allport, Tom Jack and Alan Hudson from Ernst & Young, have announced the appointment of retail consultants Gordon Brothers to advise on the sale of all stock of the Focus DIY stores, with a view to closing down the retail chain. The closing down sale begins this weekend with discounts across all stock lines.
The Administrators have already been successful in finding buyers for 55 stores in three separate deals and hope to secure the sale of further stores with the transfer of associated employees. However, it has not been possible to find a buyer for the Focus DIY Group as a whole.
Simon Allport, Joint Administrator said, “We have been working hard to sell the business as a going concern and to maximise value for creditors. While we have been successful in securing up to 900 jobs from the sale of 55 stores in three separate deals, finding a buyer for the whole of the business has not been possible.
“UK retailers are facing one of the most challenging retail environments in recent times and the DIY sector has become highly competitive, with only the strongest players being able to thrive and survive.”
While the Administrators are continuing negotiations for the sale of a number of stores across the Group, the stock liquidation is likely to result in a number of Focus stores closing with remaining employees going through a redundancy process. Employees will be offered appropriate support and advice throughout the redundancy process and Jobcentre Plus representatives will be providing support to help find future employment.
Allport concludes, “We would like to thank all Focus DIY employees for their continued support in what has been a difficult and uncertain time.”